August 29th, 2011 by Questions
I am about to file for bankruptcy in the near future and I wanted to know about prepaid Mastercards.
After I file, can I get one, or do I have to wait until I am discharged?
Posted from: Ontario
August 29, 2011 at 9:10 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
The rule with credit cards and a bankruptcy is that the day you file for bankruptcy you cannot have any credit cards in your possession. So after you have filed you technically can apply for a credit card, although I might suggest you look into a secured credit card (see Horizon Plus or Capital One) as opposed to a prepaid credit card. The reason is that the prepaid versions usually do nothing to help re-establish your credit, but the secured credit card will.
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